Truist analyst Jake Bartlett lowered the firm’s price target on Chipotle to $1,800 from $1,825 and keeps a Buy rating on the shares. The company’s Q4 comps were "choppy" with weaker than expected December, but trends have improved quarter-to-date in Q1, even excluding the Omicron lap and favorable weather, the analyst tells investors in a research note. The firm adds that the recent traffic trends should help ease investor concerns that Chipotle took too much menu price in FY22 as it expects traffic to remain positive throughout FY23.
Published first on TheFly
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